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US private sector cut 2.7mn jobs in May
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IANS | 04 Jun, 2020
Private sector employment in the US decreased by 2.7 million jobs from
April to May, according to a new report which raised hope that the worst
could be over for the labour market as job losses were far fewer than
expected.
While large businesses shed more than 1.6 million jobs
in May, medium businesses cut 722,000 jobs, and small businesses reduced
435,000 jobs, said the ADP National Employment Report on Wednesday.
The total number in May was way below the 9 million job cuts forecast by economists at Refinitiv, FOXBusiness reported.
The
2.7 million decrease in private sector jobs in May followed the revised
19.6 million decrease in April, said the ADP report based on payroll
data.
"The impact of the Covid-19 crisis continues to weigh on
businesses of all sizes," Ahu Yildirmaz, co-head of the ADP Research
Institute, said in a statement.
"While the labor market is still
reeling from the effects of the pandemic, job loss likely peaked in
April, as many states have begun a phased reopening of businesses."
The
report, which is derived from ADP's actual payroll data, measures the
change in total nonfarm private employment each month on a
seasonally-adjusted basis.
Due to the impacts of Covid-19, over 40 million Americans have filed for first-time jobless benefits since mid-March.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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